Daily Market Update: February 6, 2024

February 6, 2024

BTC is currently trading around $42,900 and ETH around $2,350. Notable gainers in the last 24 hours are TAO, HBAR, and OP. The global crypto market cap is ~$1.73T, down 0.9% over the last day. DeFi Total Value Locked is ~$60b and BTC dominance is around 53%.

Notable news includes: Solana suffered its first major outage since April and devs are in the process of coordinating a restart; EigenLayer temporarily lifted its restaking cap and its TVL breached $3b; early Farcaster accounts with low FID #s have begun selling for thousands of dollars on far.quest/market; Paradigm filed a “friend-of-the-court” brief in support of prediction markets for Kalshi’s case vs. the CFTC; the Trump themed MAGA token is skyrocketing after crypto fund Mechanism Capital announced its position in the memecoin; privacy coin Monero tumbled following its Binance delisting; and, Craig Wright claimed under oath that he never forged documents in his Satoshi claim

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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